At December 31 . 2013 . Grandin Corporation had 500 shares of common stock outstanding. On October 1 . 2014, an additional 200 shares of common stock were issued. In addition, Grandin Corp had $40,000 of 8 percent convertible bonds outstanding at December 31 . 2013 . which are convertible into 225 shares of common stock. No bonds were converted into common stock in 2014 . Net income for the year
ending December 31 . 2014, was $14,000 . Assuming the income tax rate was 50 percent, the diluted earnings per share for the year ended December 31 . 2014, should be
a. $15.67
b. $20.13
c. $25.45
d. $28.36
B
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